Questions for Mintos
With nearly € 90k in my portfolio, I've decided to stop my (re-)investments this weekend.
In the last few months some challenges have come up within the p2p environment at Mintos. I don't think these topics have been sufficiently addressed by Mintos so far.
@ Mintos: Can you please comment on the points?
- Lack of transparency regarding loans issued in local currencies: The fact that some loans issued on the Mintos platform in € are actually delivered in local currencies was not made clear by Mintos. In addition, these currency risks were not taken into account in the Mintos risk score. As the situation with Wowwo shows, Mintos did not assure these risks are adequately hedged. So today, investors are bearing the investment risks without having been aware of this when choosing the loans for investment. What are Mintos' short-term steps to avert these risks from the investor? What is your long-term strategy?
- Status of amounts in recovery from the Corona crisis in March 2020: The fact that Mintos sends me a monthly overview of the status of my recoveries is nice. What I dislike is that the recoveries show € 0 almost every time, with very few exceptions. Here I expect regular, pro-active information on the status of negotiations with the LOs. When can investors expect significant repayments? Almost 2 years have passed since the peak of the crisis.
- Misleading key figure / chart on the status of loans. Amounts in recovery are not included in the status KPI. This is a highly misleading display of the status of investment. Since the consideration of the amounts in recovery would be technically easy to implement, it makes me very puzzled that Mintos has not done this so far. Are there any plans to include the amounts in recovery in the KPIs? If not, what are the reasons for this?
Investments in the p2p asset are inherently high risk. By deciding to invest in p2p, I have agreed to bear these risks.
However, the shortcomings mentioned above are not caused by the core aspect of p2p, but by the organization at Mintos. I am not willing to bear these risks any further.
@ Mintos: I would be happy about your feedback on this.
thank you for your feedback, we will come back with an answer later this week.0
Thank you for the feedback and we are sorry to hear that you have not been satisfied with our services. Please see the answers below to your questions.
1) Regarding transparency on the issued loan currency. The information about the original currency of the loan could be found in the assignment agreement that comes with each investment you make, the loan agreement published on Wowwo's page and other relevant documents, including available financial information of Wowwo provided by Mintos.
Further to clarify it even more we have added now at each loan page information about the original loan currency.
2) Funds in recovery - in most cases, there are restructured repayment schedules in place and Lending Companies make repayments according to them. In other cases, repayments are tied to the borrower repayments that are transferred to the Mintos investors. Ongoing negotiations only happen with the Lending Companies where there is not a restructuring in place. Information about each recovery can be found on the recovery page. This week we will have the next monthly update: https://www.mintos.com/en/funds-in-recovery-updates/
We also attach a list of loans that have been repaid in the previous month for full transparency.
3) Could you please elaborate on point 3, so we can provide a meaningful answer and make improvements if possible, as it is not clear what is meant with Misleading key figure/chart on the status of loans. Amounts in recovery are not included in the status KPI.0
thank you for your answer.
1) What are Mintos steps to assure the currency risks are adequately hedged? Will currency risks be considered in the Mintos Risk Score in future?
3) I mean the information about the loan status (on the Mintos Homepage as well as the Mintos App). It does not reflect funds in recovery. In reality my investment situation with Mintos is worse than these KPIs make it look like. Why are you excluding funds in recovery for these KPI?0
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